Which of the Following Statements Is One of the Overriding

question 20

Multiple Choice

Which of the following statements is one of the overriding principles of internal control?

• A)Responsibility for accounting and financial duties should be assigned to one responsible officer.
• B)Responsibility for the performance of each duty must be fixed.
• C)Responsibility for the accounting duties must be borne by the audit committee of the company.
• D)All of the options listed here are correct

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Definitions:

Material Possessions

Physical items or assets owned by an individual or entity.

Christian

A Christian is a person who follows or adheres to Christianity, a monotheistic religion based on the life and teachings of Jesus Christ.

Mandated Vacation Time

Legislation or policies requiring employers to provide a certain minimum amount of paid vacation time to employees.

Power Distance

A cultural aspect indicating the degree to which individuals in positions of lesser power within organizations and institutions accept and assume an unequal distribution of authority.